Aviation Profitable Flynas to launch IPO this month By Pramod Kumar May 6, 2025, 9:37 AM Flynas Flynas reported a net profit of SAR493 million in the first nine months of 2025, up 51 percent from SAR327 million a year ago Low-cost carrier Flynas will launch a share sale on the local stock exchange this month in the latest in a series of initial public offerings (IPOs) by Saudi companies. The subscription to the will run from May 28 to June 1, 2025, according to the company’s prospectus. The airline, partly owned by billionaire Prince Alwaleed Bin Talal, is selling 51.3 million shares or 30 percent of its stock on the main market. It received approval from the Saudi market regulator last month. However, no listing date was given. Flynas joins a series of other Saudi companies which are offering stakes. Specialized Medical Company (SMC), a hospital and clinic operator, comes to market on Sunday while United Carton Industries – the region’s largest paper-based packaging company – closes its IPO books next week. BSF Capital is the lead manager of the IPO. Goldman Sachs, BSF Capital and Morgan Stanley will act as financial advisors and underwriters. Opportunity knocks for Middle East airlines during tariff turmoil Flynas secures $132m to acquire 3 A320neo aircraft iMENA Group plans IPO with backing of PIF’s Sanabil Flynas reported a revenue of SAR5.9 billion ($1.6 billion) for the first nine months of 2024, an increase of 20 percent from SAR4.9 billion a year ago. Net profit for the period reached SAR493 million, rising 51 percent from SAR327 million. The airline operates 1,500 flights a week with an all-Airbus fleet, connecting more than 70 domestic and international destinations, according to its website. Kingdom Holding has a 37 percent share in Flynas, formerly known as Nas Air. Saudi Arabia’s Public Investment Fund holds a 17 percent stake. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
